A business is defined legally as an entity or person availing of public service and engaged in commercial, corporate, or professional dealings. Business enterprises may be either for-profit or non-profitable entities that conduct primarily to meet a social cause or further a religious purpose. The main objective of any business venture is to make money. Any business that makes money has the sole right to claim tax benefits on it. Thus, a profit-making business must choose the ways to make money and pass it on to its investors while at the same time not undermining the welfare of the society. A business may adopt any method to make money but it must be in accordance with the rules of the country where the business operates. Most win-win casino mahjong! Manage to collect your winnings!
There are many methods of earning profits from businesses, one of which is marketing goods and services. Marketing goods and services involve the creation of new products and marketing them to consumers. Business enterprises often employ advertising techniques to promote their goods and services. Business enterprises also hire professionals to represent them in other countries and engage in joint ventures. The main article below discusses in detail the different methods of earning profits from businesses:
Productive Businesses create new and improved goods and services and introduce them into the market. These goods and services are protected by intellectual property laws so that they can be sold legally. The profits created through sales of these intellectual property rights can be passed on to the shareholders. The main article below deals with intellectual property rights in more detail:
Corporate Law The corporate law governs how businesses are conducted. One of the major parts of the corporate law is commercial law. Commercial law concerns the ownership, resources, and liabilities of a business. The main article below discusses the major areas of commercial law: ownership and control, debt, taxes, investment, acquisitions, mergers, reorganization, sales, and financing. This article will not cover the legal aspects behind each one of these areas.
Partnerships In commercial law, there are two types of partnerships: general partnership and limited partnership. A general partnership is a partnership that exists ‘as a principal’ and has no liability for the debts or assets of the principal. On the other hand, a limited partnership is a partnership that has limited liability for its partners’ debts and assets. The main article below discusses the differences between general partnerships and limited partnerships:
Provisory Effect The main reason why a general partnership cannot be considered as a sole proprietorship is that it gives the partners an equal share of the assets. But sole proprietor gives the owner total control over the whole entity. For example, a sole proprietor owns all the shares but cannot sell any of them unless it is paid out of his own capital. In contrast, a general partnership owns none of the shares but can make investments, transfer funds, and hire employees.
Limited Company provides protection to the shareholders from personal liability as well as providing various benefits like limited liability. On the other hand, it requires extensive documentation, expensive valuation procedures, and regular meetings among the directors. Limited company limited by law does not require shareholders’ meeting in order to propose, approve, and pay-out funds. The other differences between a corporation and a limited company are that the corporation can have directors who can also serve as shareholders while the limited company can only have directors.
Corporations Many people think that when they register a business they have transferred their ownership to a business, but this is not always true. If the corporation is made without going through formal registration process, the corporation becomes a separate legal entity with separate legal powers and liabilities. Moreover, no asset of the corporation can be taken by creditors, and hence the maximum liability of the corporation is nil. If you have registered a business but do not have any share capital, then the company is considered a separate legal entity. Therefore, it cannot owe its creditors anything.